Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 19PAE
Related questions
Question
Could I get some help seeing the equation for L and an explanation on how to graph please?
![2.
Short Run Cost and Product Curves
ECOM SOT [2SSI
END IT.
Consider this total product function with a single variable input, labor (L) per day:
= Q(L) =
> The wage (price) of labor is W = 500 per day.
TPL =
= 10L
a. Solve the total product function for L as a function of Q.
L =o svne
QCL) =
= lOL'a
OVA 9
d. Derive the equation of variable cost, VC(O). Then write the equations of AVC and MC.
VC =
AVC =
MC =
b. Graph:
VC
MC
AVC
10L
Q](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f061069-91e6-48ee-985f-f8d5b158cf5c%2F771465a6-7ef2-45c0-9175-10f920545b35%2Fvkt6mys_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2.
Short Run Cost and Product Curves
ECOM SOT [2SSI
END IT.
Consider this total product function with a single variable input, labor (L) per day:
= Q(L) =
> The wage (price) of labor is W = 500 per day.
TPL =
= 10L
a. Solve the total product function for L as a function of Q.
L =o svne
QCL) =
= lOL'a
OVA 9
d. Derive the equation of variable cost, VC(O). Then write the equations of AVC and MC.
VC =
AVC =
MC =
b. Graph:
VC
MC
AVC
10L
Q
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